Certain surprises can arise during the home buying process that can ruin the transaction if mishandled. If you don't handle your credit properly during this time, you might kill your own deal.
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According to Peter, the number one killer is opening up new credit. Some home buyers want to buy a new car or new things for their new home like furniture, curtains, paint, etc. Even worse–many buyers open credit without telling their lender. You should avoid opening any new credit at all when buying a house. The house should be the only thing you're focusing your finances on.
Opening new credit is the best way to ruin your mortgage qualification.
After you close, then you can think about those new purchases. In the early steps of the process, your lender will run a credit check, and your mortgage qualification is based on your credit at that time. If that changes midstream, your credit score or debt-to-income ratio could change, and your lender might not be able to get you approved in the end.
If you need help with a home loan or a refinance or you have any questions for him, give him a call at 503-267-6391.
If you have any questions for me or you're thinking about buying or selling a home in Portland, give me a call or send me an email. I'd love to help you in any way I can!